Armenia has expressed its desire to cooperate with major Vietnamese textile firms to revive the local garment industry and boost exports. This was conveyed to a delegation from the Vietnam National Textile and Garment Group (Vinatex) that visited Armenia in August to seek partners and explore avenues to develop production projects in Vietnam.
Armenia also promised to create favourable conditions for foreign investors and provide special mechanisms for Vietnamese investors through cooperation policies, cooperation agreements, and granting of work visas, quoting Vinatex General Director Le Tien Truong.
Truong said Vinatex will consider production and business cooperation with big Armenian companies that already have distribution networks in Russia and the European Union. Vietnam is the first country to sign a free trade agreement with the Eurasian Economic Union (EAEU), which includes Armenia.
Vinatex representatives met Armenian Deputy Foreign Minister, the Minister of economic development and investment, and some major businesses in the country’s capital Yerevan. Armenia has 94 businesses in the textile and garments sector and some of its companies have experience working with big fashion brands of Italy and Germany.